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Huobi host online event on BU, now looking for Core expert

28th March, Huobi hosted an online event in the evening titled “Bitcoin scaling and its impact on price”, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.

“Bitcoin scaling and its impact on price” source: huobi

Wu Xing, Marketing Director of Huobi, told 8btc that:

“This is the 8th session of Huobi Online Lectures. Currently the scaling debate is hot but difficult to understand due to its technical requirement, which have caused confusion among common users. We are hosting this event for 3 reasons:
1. To help users understand Bitcoin scaling in an objective and way.
2. To relieve the panic and fear on bitcoin split among users;
3. To help users know what to do with their assets if there is a fork.”

The following questions were answered by Jiang Zhuo’er, owner of Bitcoin and altcoin mining pool and a controversial supporter of Bitcoin Unlimited. BTC.TOP now ranks #6 on the Bitcoin hashrate distribution board.

1. Why did Satoshi Nakamoto set 33.5M as max block size in the beginning and later restrict it to 1M?
2. Satoshi Nakamoto had plan and code for removing the 1M limit in the future, why the Core are not following his plan to scale the network?
3. What is Core’s scaling roadmap? Why Core believe that hardfork is risky? How does the lightning network work?
4. Why BU is against converting Bitcoin network into a “1M+LN” settlement network?
5. What is the “root” divergence for the BU and the Core?
6. How did the negotiation between the BU and the Core finally come to a total parting? What are the accusations and conspiracy theory of both sides?
7. Why BU support hardfork? What happen if there is no hardfork? Why Bitcoin will not split into two coins, just like some users speculated?
8. What are the impacts on users, miners, exchanges and wallets in the case of hardfork? What measures should be taken?
9. What are the hardfork impacts on price? What should investors do?

The event attracted over 1,000 audiences, according to Wu Xing:

“We synchronized the content in 3 wechat groups with over 1,000 participants. We had planned to host one Wechat group but applicants grew so fast that we had to create the third group half an hour before the live chat. “

Wechat group could host up to 500 members at most. A brief version of the manuscript was posted on 8btc forum , in which Jiang further elaborates on the potential risk of LN:

“LN will nurture monopoly LN processor like Alipay or Wechatpay. By that time, the government could easily shut down the LN in the name of AML. Then the LN transaction will be transferred to the 1M mainnet, the 100x transaction demand will jam the network and soon the network will be paralyzed as well. “

The online chat was composed into a 90 minute soundstream, which could be found here. http://www.ximalaya.com/77501294/album/7368201

Huobi also explained the reasons why Jiang is invited as a BU supporter.

Under the current circumstance, we could not find an expert to explain Core in a comprehensive and objective way. Please recommend someone so that we can organize similar events for Core.

On our previous report, BTCC has indicated firm support for Core and OKCoin would support both coins if there would be two Bitcoins on the market. It is still not clear what position that Huobi will take in case of split.

Learn cryptocurrency and digital assets since 2013 and co-founder of 8btc in 2014. Co-author of 2014-2015 Digital Currency Development Report(2015) and first author of Investment Guidelines To Blockchain Digital Currency (Published in June 2017 ISBN:9787300239286).

COMMENTS(21)

1 year agoBitcoinAllBot

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

This is the best tl;dr I could make, original reduced by 77%. (I’m a bot)

28th March, Huobi hosted an online event in the evening titled “Bitcoin scaling and its impact on price”, featuring Jiang Zhuoer as the guest speaker.

The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.

“This is the 8th session of Huobi Online Lectures. Currently the scaling debate is hot but difficult to understand due to its technical requirement, which have caused confusion among common users. We are hosting this event for 3 reasons:1. To help users understand Bitcoin scaling in an objective and way.2. To relieve the panic and fear on bitcoin split among users;3. To help users know what to do with their assets if there is a fork.”

28th March, Huobi hosted an online event in the evening titled Bitcoin scaling and its impact on price, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.http://news.8btc.com/huobi-host-online-event-on-bu-now-looking-for-core-expert

Quote from: hl5460 on Today at 06:35:05 AM
28th March, Huobi hosted an online event in the evening titled Bitcoin scaling and its impact on price, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.http://news.8btc.com/huobi-host-online-event-on-bu-now-looking-for-core-expert

I don’t have any problem with bitcoin unlimited , hard fork should happen in near future so we can see how both of these goes .Stopping BTU development with fud means that our current bitcoin infrastructure is afraid of them

So BIP148 could be merged: https://github.com/bitcoin/bips/blob/master/bip-0148.mediawiki Quote
This BIP will be activate between midnight August 1st 2017 (epoch time 1501545600) and midnight November 15th 2017 (epoch time 1510704000) if the existing segwit deployment is not activated before epoch time 1501545600. This BIP will cease to be active when the existing segwit deployment activates.While this BIP is active, all blocks must set the nVersion header top 3 bits to 001 together with bit field (1<<1) (according to the existing segwit deployment). Blocks that do not signal as required will be rejected.

The core expert are not going to attend such event only to be hearing criticism and negative from the bitcoin unlimited group. But perhaps if the invitation was done formally then the core should attend so the bitcoin unlimited group could also be enlighten as to how the core works. There are only possible results that will occur after the meeting its either the investors will shift to core or they will strengthen their belief that BU is the best choice.

Quote from: hl5460 on Today at 06:35:05 AM
28th March, Huobi hosted an online event in the evening titled Bitcoin scaling and its impact on price, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.http://news.8btc.com/huobi-host-online-event-on-bu-now-looking-for-core-expert

I don’t have any problem with bitcoin unlimited , hard fork should happen in near future so we can see how both of these goes .Stopping BTU development with fud means that our current bitcoin infrastructure is afraid of them

Quote from: hl5460 on Today at 06:35:05 AM
28th March, Huobi hosted an online event in the evening titled Bitcoin scaling and its impact on price, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.http://news.8btc.com/huobi-host-online-event-on-bu-now-looking-for-core-expert

The core expert are not going to attend such event only to be hearing criticism and negative from the bitcoin unlimited group. But perhaps if the invitation was done formally then the core should attend so the bitcoin unlimited group could also be enlighten as to how the core works. There are only possible results that will occur after the meeting its either the investors will shift to core or they will strengthen their belief that BU is the best choice.

1. Why did Satoshi Nakamoto set 33.5M as max block size in the beginning and later restrict it to 1M?

He didn’t set a block size limit in the beginning. That was a defect that was perceived to enable miners to spam, so an explicit 1 MB limit was added. However, Bitcoin also had an additional “lock limit” rule that Satoshi was not aware of at the time, which proved to make the effective block size limit even lower than 1 MB. A hardfork* in 2013 May removed these lock limits, making 1 MB blocks possible on Bitcoin for the first time ever. What Satoshi also didn’t know, was that block size had a non-linear problem with growth, and that even 1 MB blocks would actually be severely harmful to the network back then. Since that time, Bitcoin Core has made many performance improvements making 1 MB blocks bearable, and is now looking to increase the hard limit.

* There is some debate over whether this change was in fact a hardfork.

2. Satoshi Nakamoto had plan and code for removing the 1M limit in the future, why the Core are not following his plan to scale the network?

Satoshi originally planned for Bitcoin to be tiered into full nodes (which also mined) and SPV nodes which relied on full nodes to provide them with proof of network behaviours. The latter turned out to be impossible, leaving only full nodes as the only way to securely use Bitcoin. As a result, block size increases must be made more conservatively.

But aside from that, Satoshi did not give a specific plan to lift the limit. It is not a given that he would support doing so today, or would prefer to wait. In any case, Core has taken action toward increasing the block size limit to 2-4 MB with the latest Segwit proposal, and this change is now simply waiting on miners to activate it.

Unless every node upgrades, hardforks fail and become an altcoin. Nobody can be forced to upgrade against their will. So to successfully hardfork, it must be shown that the plan has consent from the entire community, and that all nodes are prepared to upgrade in the proposed timeframe.

To date, all hardforks (since the one in 2013 May) have been vocally opposed by a majority of the community, and are therefore not possible.

How does the lightning network work?

Lightning uses on-chain smart contracts to guarantee the instant confirmation of otherwise-unconfirmed transactions. Because these transactions are guaranteed before they are mined, mining of them can be deferred indefinitely, as long as both parties are honest (if one party is dishonest, the blockchain is used to resolve the dispute perfectly). Secure routing between users is possible to enable only a small number of on-chain smart contracts to enable trading with the entire network of Lightning users.

4. Why BU is against converting Bitcoin network into a “1M+LN” settlement network?

Who knows. Incompetence or malice?

5. What is the “root” divergence for the BU and the Core?

I don’t understand what a “roof” divergence is.

6. How did the negotiation between the BU and the Core finally come to a total parting? What are the accusations and conspiracy theory of both sides?

BU never tried talking to or negotiating with us. They just went off on their own from the start.

7. Why BU support hardfork? What happen if there is no hardfork? Why Bitcoin will not split into two coins, just like some users speculated?